Icebreaker Boxers w/ Fly - Men's - 2006 BCS

These wool boxers are not at all itchy, easy to wash and dry, comfortable (i.e. supportive without being tight or clingy), and durable. I have worn mine under wool leggings while running (they wick), under jeans (they do not bunch up), under dress pants (they are thin). And... after wearing them, I have ordered more. In fact, I have turned into an Icebreaker addict, as will you if you try them. (The 260-weight leggings are the most comfy products, and the superfine T's are a close second.)
You will need to hang them to dry or dry them flat, but they dry overnight easily and are even softer after you have washed them.
Personally I wouldn't market a product as "not stinky," but it is true: you can wear these boxers several days in a row without bad odors. I have.
There is a tag on the right "cheek" (which is better than the usual location on the back of the waist) but this can be easily removed without damaging the stitching to make the world's most perfect boxers.

These boxers seemed great except the elastic started to bunch and pull (getting all wavy) after only one wearing and washing. Other than the cheap elastic the wool seemed to be high quality and I was loath to return them since there are few options for light weight wool boxers but the elastic was really cheap and terrible. I expect more from $40 boxers.

This is the most comfortable underwear that I have. I figure people know the benefits of merino wool, so I don't need to go into detail about lack of smell or itch. I have not seen other reviews compare these to similar products from other brands. These would win those comparisons. These fit like normal underwear, unlike the boxer briefs from Ibex (which come up to my belly button).

Great underwear; very comfortable and it doesn't itch. The earlier reviews are correct, the company should find another place for their "tag" it can be scratchy on occasion, not continuously. Dries quickly after washing with Woolite (for dark colors).

These boxers are supurb with their wicking ability and I haven't a problem with stench either.

I wear these boxers for running, hiking and day to day (sometimes).
They are very comfortable, and don't stink when hiking.
One problem is that the little size tag is on the right butt cheek, and if it gets in the wrong orientation it can itch a bit, and this can be a little tricky to fix.
They are also not very durable, but that shouldn't matter for underwear ;-) I went with some friends on a fairly technical hike/climb down a stream, and when we were fording pools of water (and other unidentified liquids) we did this in our underwear. Sliding down some rocks with a 55lb pack made two small holes on the backside, but these haven't grown larger.
The upside is that despite all that funky water they *still* didn't stink.